MELAMCHI, Nepal (AP) — In between the Himalayas' towering mountains, the town of Melamchi is no stranger to extreme weather, and its landscape bears the scars of years of floods and landslides.
Located just 50 kilometers (31 miles) outside Kathmandu, lush green mountainsides are dotted with landslips and rubble. Amid the debris, people live and work, and children play.
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Suntali Jyoti, 56, sits where her house and field once stood, in Chanaute, Melamchi, northeast from Kathmandu, Nepal, Sunday, Sept. 15, 2024, now covered with large rocks brought by floods in 2021. (AP Photo/Niranjan Shrestha)
A girl runs in front of the recent landslide at Gyalthum, Melamchi, northeast of Kathmandu, Nepal, Sunday, Sept. 15, 2024. (AP Photo/Niranjan Shrestha)
Abandoned houses are visible in Chanaute Market, northeast of Kathmandu, Nepal, Sunday, Sept. 15, 2024. (AP Photo/Niranjan Shrestha)
Footprints are visible at Chanaute Market, Melamchi, northeast from Kathmandu, Nepal, Sunday, Sept. 15, 2024, on the sand inside a house damaged by floods in 2021. (AP Photo/Niranjan Shrestha)
A man gazes out from an abandoned house in Chanaute Market, Melamchi, northeast of Kathmandu, Nepal, on Sunday, Sept. 15, 2024, damaged by floods in 2021. (AP Photo/Niranjan Shrestha)
A man walks by abandoned houses in Chanaute Market, Melamchi, northeast of Kathmandu, Nepal, Sunday, Sept. 15, 2024, damaged by floods in 2021. (AP Photo/Niranjan Shrestha)
Saroj Lamichane salvages bricks from the ruins of his house northeast of Kathmandu, Nepal, Saturday, Sept. 14, 2024, that was destroyed by floods in 2021. (AP Photo/Niranjan Shrestha)
The sand-filled entrance of a house is visible in Chanaute Market, Melamchi, northeast of Kathmandu, Nepal, Sunday, Sept. 15, 2024, that was damaged by floods in 2021. (AP Photo/Niranjan Shrestha)
Sukuram Tamang, 50, prepares to cook food inside a temporary shelter on rented land in Melamchi, northeast of Kathmandu, Nepal, on Saturday, Sept. 14, 2024, after he lost his home in a landslide. (AP Photo/Niranjan Shrestha)
Rocks and sand fill an abandoned home in Melamchi, northeast of Kathmandu, Nepal, June 26, 2024, that was damaged by floods in 2021. (AP Photo/Niranjan Shrestha)
A man sets a fish trap near homes abandoned after flooding at Chanaute Market, Melamchi, northeast of Kathmandu, Nepal, on Sunday, Sept. 15, 2024. (AP Photo/Niranjan Shrestha)
Sukuram Tamang, 50, stands with his goat in front of where his house once stood after it was damaged by recent landslides in Melamchi, northeast of Kathmandu, Nepal, on Saturday, Sept. 14, 2024. (AP Photo/Niranjan Shrestha)
A worker uses an excavator to clear land for a road that would connect to the upper villages of Melamchi, northeast of Kathmandu, Nepal, on Sept. 15, 2024. (AP Photo/Niranjan Shrestha)
Laxmi Jyoti, 41, walks near where her home used to be in Chanaute, Melamchi, northeast from Kathmandu, Nepal, Sunday, Sept. 15, 2024, now covered with large rocks brought by floods in 2021. (AP Photo/Niranjan Shrestha)
Suntali Jyoti, 56, sits where her house and field once stood, in Chanaute, Melamchi, northeast from Kathmandu, Nepal, Sunday, Sept. 15, 2024, now covered with large rocks brought by floods in 2021. (AP Photo/Niranjan Shrestha)
Children play volleyball with a landslide-damaged hill visible in the background at Saraswati Secondary School in Gyalthum, Melamchi, northeast of Kathmandu, Nepal on Saturday, Sept. 14, 2024. (AP Photo/Niranjan Shrestha)
Sita Pandit, 50, walks in her house at Chanaute Market, Melamchi, northeast of Kathmandu, Nepal on Sunday, Sept. 15, 2024, that was damaged by floods in 2021. (AP Photo/Niranjan Shrestha)
Kali Prasad Shrestha, 57, stands near Kathmandu, Nepal, Sunday, Sept. 15, 2024, on the spot where his house once stood before it was swept away by floods in 2021.(AP Photo/Niranjan Shrestha)
Saroj Lamichane, a 24-year-old resident of the region, says he still remembers “the terrifying sound of the flood.” Lamichane fled that night, returning only to collect belongings wedged between boulders and broken walls.
Many houses in Melamchi are on stilts to avoid the worst of the flooding. Still, floors are covered in a layer of loose rock. Windows have been ripped out of walls. And some buildings still slant after Nepal's devastating 2015 earthquake.
Farms are also not spared.
Sukuram Tamang, 50, lost his land and field to floods in 2021, and his home was damaged in a landslide this year. When The Associated Press visited, Tamang stood holding one of his goats — a literal handful of what survived Melamchi's incessant weather extremes.
“Even the little that remained has been swept away by floods earlier this year,” said Tamang's wife, Maya. “The river used to be a 20-minute walk from our house but during the floods, we were shocked to see it overflow and wash away everything we had.”
Another farmer, Sita Pandit, 50, took a loan to rebuild her home that was destroyed in the earthquake. But one year after construction finished, her new home was swept away by the 2021 floods. Rocks and debris now cover her farm.
In a 2021 report, the Kathmandu headquartered International Centre for Integrated Mountain Development found that cascading hazards are becoming more common in Nepal and the Hindu Kush Himalaya.
Rising temperatures are leading to heavy glacial melt and glacial lakes overflowing. They also lead to shifting rainfall patterns which bring heavy sediments downstream, said Sudan Bikash Maharjan, one of the authors of the 2021 report.
Maharjan said local and federal governments need to be better prepared and give people time to evacuate.
Until then, many work hard to rebuild their old lives. People reconstruct homes among the debris or build new ones entirely. They walk and live among pieces of homes and furniture. Layers of mud cover up the lives they once lived.
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A girl runs in front of the recent landslide at Gyalthum, Melamchi, northeast of Kathmandu, Nepal, Sunday, Sept. 15, 2024. (AP Photo/Niranjan Shrestha)
Abandoned houses are visible in Chanaute Market, northeast of Kathmandu, Nepal, Sunday, Sept. 15, 2024. (AP Photo/Niranjan Shrestha)
Footprints are visible at Chanaute Market, Melamchi, northeast from Kathmandu, Nepal, Sunday, Sept. 15, 2024, on the sand inside a house damaged by floods in 2021. (AP Photo/Niranjan Shrestha)
A man gazes out from an abandoned house in Chanaute Market, Melamchi, northeast of Kathmandu, Nepal, on Sunday, Sept. 15, 2024, damaged by floods in 2021. (AP Photo/Niranjan Shrestha)
A man walks by abandoned houses in Chanaute Market, Melamchi, northeast of Kathmandu, Nepal, Sunday, Sept. 15, 2024, damaged by floods in 2021. (AP Photo/Niranjan Shrestha)
Saroj Lamichane salvages bricks from the ruins of his house northeast of Kathmandu, Nepal, Saturday, Sept. 14, 2024, that was destroyed by floods in 2021. (AP Photo/Niranjan Shrestha)
The sand-filled entrance of a house is visible in Chanaute Market, Melamchi, northeast of Kathmandu, Nepal, Sunday, Sept. 15, 2024, that was damaged by floods in 2021. (AP Photo/Niranjan Shrestha)
Sukuram Tamang, 50, prepares to cook food inside a temporary shelter on rented land in Melamchi, northeast of Kathmandu, Nepal, on Saturday, Sept. 14, 2024, after he lost his home in a landslide. (AP Photo/Niranjan Shrestha)
Rocks and sand fill an abandoned home in Melamchi, northeast of Kathmandu, Nepal, June 26, 2024, that was damaged by floods in 2021. (AP Photo/Niranjan Shrestha)
A man sets a fish trap near homes abandoned after flooding at Chanaute Market, Melamchi, northeast of Kathmandu, Nepal, on Sunday, Sept. 15, 2024. (AP Photo/Niranjan Shrestha)
Sukuram Tamang, 50, stands with his goat in front of where his house once stood after it was damaged by recent landslides in Melamchi, northeast of Kathmandu, Nepal, on Saturday, Sept. 14, 2024. (AP Photo/Niranjan Shrestha)
A worker uses an excavator to clear land for a road that would connect to the upper villages of Melamchi, northeast of Kathmandu, Nepal, on Sept. 15, 2024. (AP Photo/Niranjan Shrestha)
Laxmi Jyoti, 41, walks near where her home used to be in Chanaute, Melamchi, northeast from Kathmandu, Nepal, Sunday, Sept. 15, 2024, now covered with large rocks brought by floods in 2021. (AP Photo/Niranjan Shrestha)
Suntali Jyoti, 56, sits where her house and field once stood, in Chanaute, Melamchi, northeast from Kathmandu, Nepal, Sunday, Sept. 15, 2024, now covered with large rocks brought by floods in 2021. (AP Photo/Niranjan Shrestha)
Children play volleyball with a landslide-damaged hill visible in the background at Saraswati Secondary School in Gyalthum, Melamchi, northeast of Kathmandu, Nepal on Saturday, Sept. 14, 2024. (AP Photo/Niranjan Shrestha)
Sita Pandit, 50, walks in her house at Chanaute Market, Melamchi, northeast of Kathmandu, Nepal on Sunday, Sept. 15, 2024, that was damaged by floods in 2021. (AP Photo/Niranjan Shrestha)
Kali Prasad Shrestha, 57, stands near Kathmandu, Nepal, Sunday, Sept. 15, 2024, on the spot where his house once stood before it was swept away by floods in 2021.(AP Photo/Niranjan Shrestha)
WASHINGTON (AP) — The price of bitcoin surged to over $109,000 early Monday, just hours ahead of President-elect Donald Trump’s inauguration, as a pumped up cryptocurrency industry bets he'll take action soon after returning to the White House.
Once a skeptic who said a few years ago that bitcoin “ seems like a scam,” Trump has embraced digital currencies with a convert’s zeal. He's launched a new cryptocurrency venture and vowed on the campaign trail to take steps early in his presidency to make the U.S. into the “crypto capital” of the world.
His promises including creating a U.S. crypto stockpile, enacting industry-friendly regulation and event appointing a crypto “czar” for his administration.
“You’re going to be very happy with me,” Trump told crypto-enthusiasts at a bitcoin conference last summer.
Bitcoin is the world’s most popular cryptocurrency and was created in 2009 as a kind of electronic cash uncontrolled by banks or governments. It and newer forms of cryptocurrencies have moved from the financial fringes to the mainstream in wild fits and starts.
The highly volatile nature of cryptocurrencies as well as their use by criminals, scammers and rogue nations, has attracted plenty of critics, who say the digital currencies have limited utility and often are just Ponzi schemes.
But crypto has so far defied naysayers and survived multiple prolonged price drops in its short lifespan. Wealthy players in the crypto industry, which felt unfairly targeted by the Biden administration, spent heavily to help Trump win November’s election. Bitcoin has surged in price since Trump's victory, topping $100,000 for the first time last month before briefly sliding down to about $90,000. On Friday, it rose about 5%. It jumped more than $9,000 early Monday, according to CoinDesk.
Two years ago, bitcoin was trading at about $20,000.
Trump’s picks for key cabinet and regulatory positions are stocked with crypto supporters, including his choice to lead the Treasury and Commerce departments and the head of the Securities and Exchange Commission.
Key industry players held a first ever "Crypto Ball” on Friday to celebrate the first “crypto president." The event was sold out, with tickets costing several thousand dollars.
Here’s a look at some detailed action Trump might take in the early days of his administration:
As a candidate Trump promised that he would create a special advisory council to provide guidance on creating “clear” and “straightforward” regulations on crypto within the first 100 days of his presidency.
Details about the council and its membership are still unclear, but after winning November’s election, Trump named tech executive and venture capitalist David Sacks to be the administration’s crypto “czar.” Trump also announced in late December that former North Carolina congressional candidate Bo Hines will be the executive director of the “Presidential Council of Advisers for Digital Assets.”
At last year’s bitcoin conference, Trump told crypto supporters that new regulations “will be written by people who love your industry, not hate your industry.” Trump's pick to lead the SEC, Paul Atkins, has been a strong advocate for cryptocurrencies.
Crypto investors and companies chafed as what they said was a hostile Biden administration that went overboard in unfair enforcement actions and accounting policies that have stifled innovation in the industry — particularly at the hands of outgoing SEC Chairman Gary Gensler.
“As far as general expectations from the Trump Administration, I think one of the best things to bet on is a tone change at the SEC,” said Peter Van Valkenburgh, the executive director of the advocacy group Coin Center.
Gensler, who is set to leave as Trump takes office, said in a recent interview with Bloomberg that he’s proud of his office’s actions to police the crypto industry, which he said is “rife with bad actors.”
Trump also promised that as president he’ll ensure the U.S. government stockpiles bitcoin, much like it already does with gold. At the bitcoin conference earlier this summer, Trump said it the U.S. government would keep, rather than auction off, the billions of dollars in bitcoin it has seized through law enforcement actions.
Crypto advocates have posted a draft executive order online that would establish a “Strategic Bitcoin Reserve” as a “permanent national asset” to be administered by the Treasury Department through its Exchange Stabilization Fund. The draft order calls for the Treasury Department to eventually hold at least $21 billion in bitcoin.
Republican Sen. Cynthia Lummis of Wyoming has proposed legislation mandating the U.S. government stockpile bitcoin, which advocates said would help diversify government holdings and hedge against financial risks. Critics say bitcoin’s volatility make it a poor choice as a reserve asset.
Creating such a stockpile would also be a “giant step in the direction of bitcoin becoming normalized, becoming legitimatized in the eyes of people who don’t yet see it as legitimate,” said Zack Shapiro, an attorney who is head of policy at the Bitcoin Policy Institute.
At the bitcoin conference earlier this year, Trump received loud cheers when he reiterated a promise to commute the life sentence of Ross Ulbricht, the convicted founder of the drug-selling website Silk Road that used crypto for payments.
Ulbricht’s case has energized some crypto advocates and Libertarian activists, who believe government investigators overreached in building their case against Silk Road.
FILE - Donald Trump speaks at the Bitcoin 2024 Conference July 27, 2024, in Nashville, Tenn. (AP Photo/Mark Humphrey, File)